$100 Million Spent: Crypto, Big Tech Interests Flood Midterm Elections
A new analysis from Americans for Financial Reform reveals that cryptocurrency and AI PACs have spent over $100 million on the midterm elections, flooding races across 28 states.
The eight PACs, often interconnected and bankrolled by a small set of donors with significant influence in the tech and financial sectors, are spending big to rig the system in their favor. Dustin Duong, research associate at Americans for Financial Reform, said that these billionaire tech oligarchs and financial firms are making sure industry-backed politicians will have a vested interest in passing their deregulatory agenda.
The eight PACs, Fairshake, Defend American Jobs, Protect Progress, Leading the Future, American Mission, Think Big, Digital Freedom, and Fellowship PAC, have raised 78 percent of the $274 million total raised by all crypto and AI PACs this cycle. This disproportionate share of political spending is raising concerns about special interests influencing politicians.